South Carolina Payday Loan Laws and Regulations

The following rules and regulations govern payday lenders and borrowers within the state of South Carolina:

- Maximum value of loan: $550
- Loan term: Maximum 31 days
- Finance charge per $100 : $15 for 14 days
- APR per $100: 390% for 14 days
- Maximum finance rate/ fees: 15% or initial loan amount
- Collection Fee: $10 NSF fee or actual charge, whichever is lower
- No rollovers

Borrowers are encouraged to get a clear understanding of the terms of the loan before proceeding. Since laws pertaining to cooling off periods and repayments are not specified, it is up to the discretion of the lender and the borrower. No clear regulation exists to regulate the amount of loans that can be taken at one time.

South Carolina Consumer Protection:

The South Carolina State of Board of Financial Institutions is the regulatory body that deals with all issues and matters relating to payday loans. All questions, complaints or difficulties should be forwarded to them for resolution. You can contact them via email, phone or through their website.

Consumer Finance Division, P.O. Box 11905
Columbia, SC 29211
Phone: (803) 734-2020 
Fax: (803) 734-2025

Contact can established at any point in time, which is important if you wish to get a clear idea of the laws that govern payday loans within South Carolina. It can also be used to establish the validity of the lender.

Interesting Facts About South Carolina
  1. This state derives its name from King Charles I. Charles or Carolus in latin was the base for the state’s name as it was proclaimed by King Charles II of England. The City of Columbia is its capital with a land area of about thirty two thousand square miles. Its settlement began in 1670 by the English and had a steady influx of people of African descent that provided labor in the form of slavery to help cultivate its vast agricultural areas. At around 1730, African Americans mostly dominated the state’s population by a large margin of two thirds.
  2. It was the first state to formally withdraw membership from the federal Union during the time of President Abraham Lincoln in 1861 and was the site of the first battle of the Civil War. This transpired on April 12, 1861 at the Battle of Fort Sumter when Confederate troops attacked the fort under the control of the Union.
  3. This state eventually became the breeding ground of racial tensions back in the 1890s. Its state constitution imposed new requirements to be qualified to cast a vote such as: literacy tests, residency and poll taxes. This affected the African American community and poor whites that could not match these requirements. It effectively allowed the minority to disenfranchise the almost sixty percent majority of African Americans. The then Governor Tillman led efforts to prevent racial intermarriage between whites and blacks. He based his parameters on the “One Drop Rule”. This means that a person is considered as African American even if one has just a single drop of such blood from their heritage. No marriage to a white person may take place as a result because it would be considered as an interracial marriage.
  4. South Carolina is also known by many names. It has been called the Palmetto State because of the state tree that is the sabal palmetto. Another name is the Rice State. It has also been named the Swamp State due to the area where the rice is grown. Keystone of the South Atlantic Seaboard is a name that was derived from its shape and location. Lastly, it has been called as the Iodine State because of the high iodine content of the vegetation found here.
  5. The following are its state symbols: state tree – sabal palmetto, state stone – blue granite, state reptile – loggerhead sea turtle, state music – spiritual, state gemstone – amethyst, state fruit – peach, state flower – Yellow Jessamine, state game bird – Wild Turkey, state bird – Carolina Wren, state beverage – milk, state amphibian – salamander, state animal – white-tailed deer.
  6. South Carolina’s economy is mostly based on the service sector that is at about eighty five percent. It is also a large producer of farm and dairy products as well as tobacco. Other outputs are textiles, paper and automobile parts.
  7. The musician James Joseph Brown, Jr. was born on May 3, 1933 in this state. His career was a long and fruitful sixty years. He is widely regarded as “The Godfather of Soul”. His influence is still widely felt and is believed to continue for generations to come. He passed away on December 25, 2006.
  8. The state derives huge revenues from the arts and creative industry at around nine billion dollars upwards a year. It has many venues for the performing arts. Among the most popular are the following: the Gibbes Museum of Art, the Peace Center, the Spartanburg Art Museum, the Newberry Opera House, the Greenville County Museum of Art, the Columbia Museum of Art, the North Charleston Coliseum and the South Carolina State Museum.
  9. The 1970 to 1973 heavyweight champion of the world Joe Frazier was born here on January 12, 1944. He was considered the nemesis of Muhammad Ali, the greatest boxer of all-time. He fought Ali thrice and won in March 1971. His nickname was Smokin’ Joe. He is considered to be one of the ten greatest heavyweights of all-time by the International Boxing Research Organization. He is in the World Boxing Hall of Fame as well as the International Boxing Hall of Fame. He only lost to two boxers throughout his career: Muhammad Ali and George Foreman. He passed away on November 7, 2011 at the age of sixty-seven.

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